Sunday, September 10, 2017

There is plenty of
budgeting advice out there for personal finances, but what about
businesses? You have probably heard some disturbing statistics about
small businesses. Only a small minority of new businesses
established this year will still be operating five years from now.
Even successful businesses usually take a few years before they can
become profitable. A lot of these problems can be avoided or
mitigated through proper budgeting.

Start
by applying for an EIN the easy way

Before you can file a tax form for LLC taxes or any other
business taxes, you need an EIN. An EIN (Employer Identification
Number) is like a social security number, except for a business. The
fastest and easiest way to get an EIN is to fill out an online EIN application. When you use
GovDocFiling to fill out an EIN application form online, the site
will send you a confirmation by email usually within an hour. This
email confirmation will contain the EIN of your new business. You
will then be able to take the next steps in getting your business
started. For the EIN to be truly official, you will have to wait
about four weeks to receive a confirmation letter by mail from the
IRS.

Keep detailed records

The best way to keep your
business within budget is to keep accurate records of your income and
expenses. Accounting software can be helpful for categorizing your
income and expenditures. The software makes it easy to see if your
business is spending too much money on a certain type of expense.
Another advantage of accounting software is that it makes it easy to
show your tax preparer which of your expenses are tax deductible.

Saving
time with online Tax ID forms and accounting software makes it easier
for your business to save money. Be smart about budgeting when you’re
forming and maintaining your corporation.

Thursday, August 24, 2017

We
all make mistakes in life, especially when it comes to finances. Unforeseen expenses, irresistible opportunities, and sometimes just
sheer lack of willpower can cause you to spend more than you have.

If
this describes you, you are not alone. According to a report by the
Federal Reserve, currently, U.S. households carry over $1 trillion
dollars in total credit card debt. The good news, however, is that
with a few new habits and the help of programs like the FreedomPlus
program, you could become free of your credit card debt.

Good
Habits for Debt-Free Living

If
you want to get out of debt and stay out of debt, you need to take a
good look at your current spending and saving habits. Examine them
honestly to see ways you can improve. This is a crucial step to
living debt-free. There are great loan options, like FreedomPlus,
that could help you eliminate your credit card debt. But, if you pay
off debt and don’t change your habits, you could find yourself back
in the same situation in the near future. So, here are some questions
you need to consider:

How
often do you look at your finances? For
many, the answer to this question is not often enough. People
sometimes fail to establish a budget and address it regularly. Or,
they create a budget but don’t stick to it. And then avoid the
bills when they arrive each month. Unfortunately, ignoring your
bills is not going to make them go away. In fact, if you miss
payments on them you’ll get hit with late fees and possibly even
over-the-limit charges. Then these bills are going to go up, not
down. So make it a habit to address your bills when they arrive.
Even if you cannot pay them immediately, set up a system to do so.
This could be a filing system on your desk, a spreadsheet, or even
reminders on your phone. Find a way to address them that works for
you and stick to it.

Are
you saving money each month? This
may seem impossible to do, especially if you are in debt and living
paycheck to paycheck. But it is a crucial habit to learn if you want
to live debt-free. Savings not only provides security for the
future, it means that you have money available when those unexpected
expenses arise. A good habit that will help you stay out of debt is
to build up an emergency fund that is separate from your retirement
savings. So when your vehicle needs a repair, or you have to go out
of town suddenly, you can use your emergency fund instead of
charging your credit card. Even if you can only put a few dollars
aside each month, get into the habit of doing so.Treat
your savings as one of your monthly bills and pay
yourself
regularly.

What
are some ways you can reduce your monthly expenses? If
you start looking at your finances regularly and try to save each
month, then you will naturally begin to look for ways to reduce
spending too. No matter how dire your situation may seem, there are
always ways to cut costs! Look at your monthly spending
habits. Could you eat at home or pack a lunch for work more often?
What about shopping the sales when you need groceries or clothes?
Today, there are so many coupons and deals available on virtually
anything you want to buy. Take advantage of these to help reduce
your monthly spending. Another way to cut costs is by reducing or
eliminating your existing credit card debt. FreedomPlus could help
you do just that.

What
is FreedomPlus?

FreedomPlus
is a personal lender that is part of the Freedom FinancialNetwork,
the largest debt resolution company in the nation. With a loan from
FreedomPlus, you could reduce your monthly expenses by paying off
your credit cards and having a single, manageable loan payment each
month at a lower interest rate that your credit cards. And this could
free up more money for your savings so that you can develop the
habits you need to stay
out of debt.

The
process is simple and fast. You can start by applying online. Then
talk to one of their friendly loan consultants who will look beyond
your credit score, at your entire life situation, to create the right
loan for you. You will get an answer in minutes. Their borrowers
receive loans ranging from $10,000 to $35,000. If approved, the money
will be in your account in as little as 48 hours. Start the process
today and put your debt behind you.

Thursday, August 17, 2017

Getting
ahead in your career feels awesome and can come with many perks.
Typically, one of them is an increased paycheck. If you haven’t
ever heard of “lifestyle creep,” it is something you should pay
close attention to. It is easy to find places to spend your money, and when you have more of it, you may
be surprised at how quickly it can disappear if you aren’t careful.

When
you get more money per month, it is not unusual to let things go a
little, spend a little more than you used to, or make impulse buys
under the assumption that you deserve it. The problem is that if you
overestimate how far that extra income will go instead of planning
ahead, the money could disappear pretty quickly, leaving you living
outside your means.

The
Millennial generation views finances differently than previous
generations. They aren’t huge savers; they believe in YOLO (you
only live once) and living life large. After all, you never know when
the ride here on earth is going to end. Unfortunately, what they
don’t consider is in the same respect, if you live here a long time
then you will have many years to support yourself.

According
to a credit union Winnipeg financial institution, those entering
the workforce are in jeopardy of being one of the first generations
to pay into the social security system and never get anything out of
it. Not only is this unfair, but it is also making an entire
generation vulnerable to poverty as they age, which is not something
that many 20-somethings think about. If you are working your way up
the corporate ladder, it is important to remember to watch out, so
your lifestyle doesn’t expand more than your income and leave you
cash-poor.

Live
within your original means

Lifestyle
inflation is when you spend money in proportion to what you make.
When you get a raise, you raise your standard of living to
accommodate it. For example, if you get more money at work, you go
out and financea car or you find a bigger apartment. It isn’t that you don’t
deserve rewards for your time and effort. It just might be that
things were just fine before you had the additional income, so don’t
try to find more ways to spend it once you do have it.

The
person who will end up with the greatest wealth is the one who gets
more money and stays at the same lifestyle level and begins to save
instead of finding things to spend their money on. The extra income
that you put into your savings or invest will make a huge difference
on your financial security in the future. Your bigger apartment
likely won’t.

Have
a safety net

To
stay out of the lifestyle creep it is important to give your money, a
purpose. That means to plan where your finances are going. It is easy
to run the debit card and cross your fingers, but if you take the
time to designate where to put your money and prioritize what is
important, you can take money out of your budget automatically. Then,
you are going to have a safety net if something should fail, and you
won’t be tempted to spend outside of your means or unwittingly put
yourself into a financial bind.

It
is also very important to have a rainy-day fund. YOLO is true, but it
is also true that you can’t predict what is going to happen. That
means that accidents or unanticipated expenses will always be there.
If you don’t have some savings to cover them, you are going to be
financing them. That is a recipe for disaster. You should included in
your financial plan, have a safety net for those things that you
can’t see coming.

Trick
yourself

Everyone
tells themselves little lies to help. The best financial thing you
can do is tell yourself a lie about what you have to spend. The best
way to do that is to have money taken out of your paycheck before you
even have your hands on it, by investing in a retirement account or
sending it directly to savings. That way you never have the
opportunity to make excuses or find ways to spend it. In your mind,
it should just not exist.

Lifestyle
creep is something that everyone is prone to. When someone has more
money, it is easy to find ways to spend it. Instead, make a plan to
save, and you will find that your financial future will be much
better and your stress much lower.

Finding the right car loan becomes
necessary when the life of your car comes to an end or when you need
to buy a new car.

Maintain a clean
slate

A poor credit history might just keep
you from seeing the green light from your favorite lenders. You may
need to bear a much higher rate of interest if you get a borrowing
opportunity with others. When the time to apply for a car loan comes, you
must prove your ability to repay loans by developing a uniform
savings pattern and clearing all outstanding dues in advance.

Know how much you can afford

Give in your best attempts to determine
how much you can actually repay every month. You must get a clear
picture of your overall financial situation before taking the plunge.
An online car loan calculator will help you arrive at the right
repayment figure.

Comparison shopping is important

You may have seen people shopping
around while buying cars. Likewise, it’s also important that you
shop while choosing your car loan provider. While doing a financial
comparison, you’ll save time that could be wasted while visiting
various insurance provider websites besides saving much of your
hard-earned money.

Limit your applications

You may be eager to achieve the best
deal by applying for several credit cards and loans at once. But in
doing so, your credit rating might just take a hit, especially when
your requests are turned down. It’s in your interest to find one
single financial support and pursue it.

Credit cards may be a good option

When it comes to borrowing a small
amount, you may check out your credit cards that don’t charge any
interest for a certain period. But you must pay them off in time or
pay hefty rates from there on.

Loans are either secured or
unsecured

Personal loans tend to be more
expensive than that of car loans. The fact that your car loans are
tied to a valuable asset makes them easier on your pocket. In the
event of your failure to repay the borrowed amount, the lender has
the right to repossess your car and sell it off in their attempt to
realize the unpaid loan balance.

Early repayments could cost you

Exit penalties might just hit you back
if you see additional funds in your account and are able to repay
your debt earlier than planned. You must check out the repayment
clauses prior to signing up. Remember there are a few lenders that
won’t even take additional payments on the loan.

Consolidating your debt simplifies
things

If you already have a car loan, credit
card or other debts, then you may choose to combine them into a
single loan as it will help you achieve a lower rate for borrowing
less. You’ll find it easier to understand and track your
consolidated debt as you continue repaying a single sum.

Your financial situation needs to be
organized

There are times when your loan
application process gets stretched for long. So, don’t get tempted
to buy your car until you’re certain about how much money you can
have in your account. It might cause financial problems for you,
especially when your lender isn’t able to provide as much financial
backing as needed. You may go for shopping once all of your financial
doubts are clarified.

Personal Finance Guide

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